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John transfers a property (A/B $10,000, FMV $50,000) to Brown Corp. in exchange for 100% of the Brown stock, which is worth $50,000. The property
John transfers a property (A/B $10,000, FMV $50,000) to Brown Corp. in exchange for 100% of the Brown stock, which is worth $50,000. The property is subject to a liability of $20,000, which Brown assumes. The transfer is for business purpose. The $20,000 liability is also for business purpose. (c) What is Brown's basis in the property
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